South Korean economic data improves in October: PMI and trade surplus rise
- PMI rose to 47.4 from 45.7 in September:
- Trade surplus came in at $3.8bln, better than the expected $3.45bln:
There has been some reasonably heavy USD/KRW selling in recent days, leading to central bank agents intervening in the market (amounts have been relatively small, less than $500 million over last few days I think). This data could lead to more KRW buying, which in turn would lead to more USD/KRW intervention and eventual buying of EUR/USD in particular by BoK.